Eagle Hospitality Trust announced that DBS Trustee Limited, acting as trustee of Eagle Hospitality Real Estate Investment Trust (EH-REIT), has asked the High Court of Singapore to confirm its authority to terminate the REIT and begin the dissolution process.

The trustee said the Foreign Representative has completed the winding up of all other Chapter 11 entities and finished administering EH-REIT’s assets, apart from returning funds in Singapore to the Liquidating Trust in line with the confirmed U.S. bankruptcy plan.

Subject to the court’s response, the trustee intends to dissolve EH-REIT. Any transfer of funds out of Singapore to the Liquidating Trust will require further court approval.

The trustee added that stapled securityholders should not expect any distribution because all remaining assets must be transferred to the Liquidating Trust under the confirmed plan.

DBS Trustee Limited has also applied to the Monetary Authority of Singapore for exemptions and clarifications on regulatory obligations arising from the termination of a REIT without an existing manager and will issue further updates when necessary.